162 Exeter Street, Plymouth, Devon

Description

Internally arranged to provide a restaurant/bar and three self-contained flats. One flat is subject to an Assured Periodic Tenancy, two flats are vacant, and the restaurant/bar is vacant. Well located for the amenities of Plymouth City Centre. Total GIA of restaurant/bar and flats is approximately 348 sq m (3,746 sq ft), sourced from the EPC Register.

Accommodation

Restaurant/bar and three self-contained flats. Total GIA approximately 348 sq m (3,746 sq ft). Allsop have not internally inspected the property; accommodation details were taken from historic sales particulars.

Location

Situated on the south side of Exeter Street. The A38, A388 and A386 are easily accessible. Plymouth rail station is approximately 1 mile to the north west. Local shops and amenities are within walking distance in Plymouth City Centre. The open spaces of The Hoe and Tothill Park are within easy reach.

Tenure / Property Information

Investment Analysis

The only directly comparable completed sale is the same property at £105,000 on 18 September 2026. The £120,000+ guide is therefore at least £15,000 above that very recent transaction. Other supplied sales are nearby but materially older and different property descriptions, so they provide limited support. Allsop has not internally inspected the building and the accommodation is based on historic particulars. No reliable GDV uplift, refurbishment cost or total rental income can be established from the evidence supplied.

Investment Snapshot

Strategy Recommendation

Avoid bidding at the current guide without reconciling the recent £105,000 sale, inspecting the property, verifying the tenancy and obtaining reliable flat and commercial rental evidence. No strategy is currently supported at £120,000+.

Works Required

No refurbishment works can be costed because the property has not been internally inspected and no defects are documented. Priority is to inspect the restaurant/bar and all three flats, verify the historic accommodation, assess statutory and trading-use compliance, and review the existing assured periodic tenancy. Any cleaning, repairs, redecoration or compliance works remain unquantified.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A 75% refinance of the supported £105,000 base value is approximately £78,750. This is below the £120,000+ guide before works, fees, finance and taxes. Unknown condition, rents, compliance requirements and transaction costs prevent a reliable BRRR cash-flow or cash-left-in assessment.

Buy-to-Let Analysis

BTL analysis cannot be reliably completed. The building comprises three flats and a restaurant/bar, but only one flat is occupied under an assured periodic tenancy and no passing rent is supplied. The £600 pcm listing is for a separate one-bedroom flat in PL4 and cannot be assumed applicable to these flats. The £4,283 pcm commercial listing is an asking rent in PL4 9 and is not evidenced as relating to this restaurant/bar.

Flip Analysis

The supported base GDV is £105,000, based on the same property's completed sale in September 2026. This is below the £120,000+ guide before any works or selling costs, so a profitable flip is not supported by the supplied evidence. Estimated flip surplus is not calculated because refurbishment and selling allowances are unavailable.

Investor Risks & Due Diligence

• The guide of £120,000+ exceeds the same property's supplied September 2026 completed sale at £105,000.

• The property has not been internally inspected and accommodation details are based on historic sales particulars.

• Two flats and the restaurant/bar are vacant, while the remaining flat is subject to an assured periodic tenancy with no rent supplied.

• The supplied rental listings are not evidenced as relating to this building and are asking rents rather than achieved rents.

• Refurbishment, compliance, finance, tax and additional buyer or seller charges are unknown.

• Mixed-use restaurant/bar and residential use may require separate legal, operational and compliance due diligence.

Recommendation

Avoid bidding at the current guide without reconciling the recent £105,000 sale, inspecting the property, verifying the tenancy and obtaining reliable flat and commercial rental evidence. No strategy is currently supported at £120,000+.

Strategy Rating

Analysis Confidence

A very recent completed sale of the same property is available, but internal condition, exact accommodation, tenancy rent, commercial rent, statutory compliance, refurbishment costs and buyer or seller charges are not supplied.